Berlin-based Inkitt announced another big round of funding, raising $59 million in a Series B (on top of previous rounds that raised at least $21 million). Axel Springer was a co-lead in the new round, with Michael Lynton participating, along with further funding from Stefan von Holtzbrinck (HV Holtzbrinck Ventures participated earlier) among others. The start-up is riding the wave the powered the sales of Wattpad (approximately $600 million), Radish ($440 million), and Tapas Media ($510 million). Inkitt tells TechCrunch their Galatea app has a run rate of over $38 million now. The company uses algorithms to help determine which […]
Finance
Wiley Acquires J&J Editorial
Wiley has acquired J&J Editorial Services, a scholarly publishing services company founded by Jennifer Deyton and Julie Nash in 2008. “Acquiring J&J Editorial underlines our promise to provide our partners with best-in-class solutions, from products and services to specialist expertise, creating more choice in the publishing ecosystem,” Wiley evp & general manager, research Jay Flynn said. “We are very excited to join Wiley,” Deyton said. “This was a strategic decision that was made with two clear and long-standing goals in mind – to help us continue to deliver the high standard of service that our clients expect, while simultaneously providing […]
Politikens Expands Into Norway With Acquisition
Danish publisher JP/Politikens has acquired a 70 percent stake in Norwegian nonfiction publishers Kagge and J.M. Stenersens, which together comprise Norway’s fifth largest publishing group. Politikens says the acquisition “fulfills its ambition to create a significant Scandinavian publishing group with strong, independent publishers in Norway, Sweden, and Denmark.” They established Polaris in Sweden in 2017, and acquired Swedish nonfiction publishing house Roos & Tegnér in early 2021. Kagge and J.M. Stenersens will continue to function as independent publishers and Jorunn Sandsmark will remain publishing director. Kagge founder Erling Kagge continues as publisher, board member, and co-owner with the remaining 30 percent […]
Acquisitions: Rough Edges Press to Wolfpack
Wolfpack Publishing has acquired author James Reasoner’s Rough Edges Press. The line will become an imprint of Wolfpack, publishing new mysteries, thrillers, and crime fiction.
HBG Completes Acquisition of Workman
Hachette Book Group announced it has completed its $240 million acquisition of Workman. As previously announced, Workman ceo Dan Reynolds will head the group, reporting to HBG ceo Michael Pietsch, and will join the Executive Management Board. Pietsch said, “This is a significant and exciting milestone for Hachette Book Group, as we welcome an extraordinary publisher to HBG. We have deep admiration for Workman’s publishing, its people, its authors and illustrators, its books, its commitment to backlist and its culture. The opportunity for HBG to join forces with Workman is one I believe will be enormously beneficial to both companies, […]
After Record Growth, News Corp to “Return Proceeds to Shareholders”
News Corp announced Wednesday that, as a result of booming revenues, the company is “returning proceeds to shareholders,” ceo Robert Thomson said during the Goldman Sachs Communacopia Conference. Since 2020 was “the best year since the reincarnation of News Corp in 2013,” with EBITDA up 26 percent, the board of directors has authorized a new $1 billion stock repurchase program. This plan replaces a $500 million stock repurchase program that went into effect in 2013. News Corp’s stock had gone down 10.1 percent over the past three months, and rose 0.6 percent after this announcement. At the Communacopia Conference, Thomson […]